Finding Text
Item 2022-02 Cash Management Education Stabilization Fund: Higher Education Emergency Relief Fund (HEERF) ALN # 84.425E, 84.425F, 84.425M, 84.425S U.S. Department of Education Federal Award #P425E201930, P425F200922, P425M201005, P425S210114 Federal Award Year - 2020 Criteria ? As specified in 2 CFR section 200.303 the non-Federal entity must establish and maintain effective internal control over the Federal award that provides reasonable assurance that the non- Federal entity is managing the Federal award in compliance with Federal statutes, regulations, and the terms and conditions of the Federal award. Adequate controls must be in place to ensure cash drawdowns are properly reviewed and cash disbursed for allowable expenditures within the time frame specified by program guidelines. Condition ? Adequate controls were not in place to reconcile grant drawdowns and expenditures, which resulted in excess grant funds being drawn down and not disbursed within the three calendar days. Cause ? Lack of sufficient controls over the reconciliation and recording of grant revenue resulted in an ineffective reconciliation. Effect ? Lack of sufficient controls over the reconciliation and recording of grant revenue resulted in cash on hand that wasn?t disbursed within three calendar days. Questioned Costs ? Not determinable. Recommendation ? We recommend the strengthening of controls to ensure all grant revenues are accurately and completely reconciled between G5 and the general ledger. Management?s Response ? The College will strengthen the controls in place to provide assurance that all grant revenues are accurately and completely reconciled between G5 and the general ledger. The Dean of Business Affairs will be responsible for this corrective action and anticipates completion of corrective action will be taken before 1/31/23.